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The Fair Value of Insurance Liabilities : The New York University Salomon Center Series on Financial Markets and Institutions - Irwin T. Vanderhoof

The Fair Value of Insurance Liabilities

The New York University Salomon Center Series on Financial Markets and Institutions

By: Irwin T. Vanderhoof (Editor), Edward Altman (Editor)

Hardcover

Published: 31st January 1998
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This book explores theoretical and practical implications of reflecting the fair value of liabilities for insurance companies. In addition, the contributions discuss the disclosure of these values to the financial and regulatory communities and auditing firms which are actually calculating this illusive but important variable. It combines contributions by distinguished practitioners from the insurance, accounting and finance fields, with those of prominent academics. One of the central themes of the collection is that adequate disclosure of the true economic value of insurance company liabilities is both possible and desirable. Wherever possible, the insurance valuation process is wedded with modern financial theory. For example, the use of option pricing theory is applied to insurance companies, where the true value of the firm's liabilities is a critical variable. Methods such as cash flow, earned profit and indirect discount are explored.

Introductionp. vii
Welcomep. xvii
Background on fair value accounting of insurance company assets and liabilitiesp. 1
Comparison of methods for fair-value life insurance liabilitiesp. 7
Fair valuation of life insurance company liabilitiesp. 21
Discussionp. 115
Experience in implementing fair value of insurance liabilitiesp. 127
Discussion
Allowing for asset, liability, and business risk in the valuation of a life companyp. 143
Discussionp. 197
A market-value accounting framework for insurance companiesp. 201
Discussionp. 211
Option adjusted value of the firmp. 215
Discussionp. 289
The cash flow method for valuing liabilities in Canadap. 297
The derivation and application of accounting standards to the market value of liabilitiesp. 303
The indexed discount rate method for fair valuation of liabilitiesp. 331
Is Paul vs. Virginia dead?p. 351
Remarksp. 361
List of contributorsp. 363
Indexp. 371
Table of Contents provided by Syndetics. All Rights Reserved.

ISBN: 9780792399414
ISBN-10: 0792399412
Series: The New York University Salomon Center Series on Financial Markets and Institutions
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 382
Published: 31st January 1998
Publisher: Springer
Country of Publication: NL
Dimensions (cm): 23.4 x 15.6  x 3.18
Weight (kg): 1.64